Requirements
Once an applicant is selected for participation in the Questa Scholars 1/2 Back Loan Program, he or she must do the following:
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Sign and return the Declaration of Intent to Participate form by July 30;
Sign and return a copy of the Terms and Conditions form ;
At the start of each semester provide Questa Foundation an official copy of the following documents:
Official university transcript;
Official university billing statement (showing a balance due);
Official proof of course enrollment for the coming term (class schedule showing full time registration for courses); and
An updated Contact Information form.
After these three official university documents are submitted to Questa, then the student, along with a co-signer (parent or guardian), must arrange an appointment to meet with a Questa staff member to execute a promissory note. Students are expected to execute promissory notes before the start of the term. In rare circumstances when this does not happen, students must execute promissory notes within 30 days of the start of the term and are still expected to be present to sign the loan note. After 30 days, no new loans will be made.
Questa Scholars are expected to be present to sign their promissory notes each semester, along with a parent or guardian who must serve as a co-signer. First year program participants are required to be present to sign their promissory notes so they learn the expectations of the Foundation and the terms and conditions of Questa’s 1/2 Back Loan Program.
If a student does not have a minimum 2.5 cumulative GPA, then he or she will not be able to borrow from Questa for the upcoming term. The student will have to sit out of the loan program until his or her GPA returns to a minimum cumulative 2.5. A 2.75 cumulative GPA is required for debt forgiveness.
Questa Scholars also should remember the following criteria for participation:
Questa Scholars 1/2 Back Loans are only intended for full-time students, enrolled for 12 credit hours or more per semester. Part-time students are not eligible to borrow.
Questa Scholars 1/2 Back Loans are intended for fall and spring semesters or for the quarters of study from August through May. Questa Scholars 1/2 Back Loans are not available for summer terms.
The Questa Scholars 1/2 Back Loan is only approved for four consecutive years defined as eight consecutive semesters. The Questa Scholars 1/2 Back Loan is not intended to go beyond the initial four years of study. If a student does not borrow during a given semester, he or she does not “bank” these funds for future semesters.
Students enrolled in degree completion programs that require more than four years of study will be invited to apply for deferment of loan repayment while they complete their additional semesters of study for the intended degree.
Questa Scholars 1/2 Back Loans cover Cost of Attendance expenses defined specifically by Questa as:
- Tuition
- Mandatory fees (as reflected on a student’s university billing statement)
- Reasonable room and board expenses
- Books
- Reasonable transportation costs (for commuter students only)
The Foundation will not execute promissory notes for/with students who have not submitted required documents before the start of each semester: official university transcript, official university billing statement with balance due, and proof of full-time course registration. Approved documentation must be on file before the Foundation staff will meet with students and co-signers to execute promissory notes.
Questa Scholars are expected to sign promissory notes prior to the start of the semester or quarter in which they intend to use the funds. Questa Scholars are required to sign promissory notes within 30 days of the start of the semester or quarter or the student is not able to borrow for that semester. This does not increase a student’s available balance for borrowing in future semesters.